• 2 minutes U.S. Presidential Elections Status - Electoral Votes
  • 5 minutes “Cushing Oil Inventories Are Soaring Again” By Tsvetana Paraskova
  • 7 minutes United States LNG Exports Reach Third Place
  • 18 mins Joe Biden's Presidency
  • 7 mins The World Economic Forum & Davos - Setting the agenda on fossil fuels, global regulations, etc.
  • 5 hours Biden's National Security Director vows to release report on Khashoggi murder. Is it time to add to Brent futures long position ?
  • 1 hour The Debate Starts : Remake Republican Party vs. Third Party
  • 11 mins Rejoining Paris Climate Accord is Devestating
  • 8 mins Biden suspends oil and gas drilling on Federal Lands for 60 days for review.
  • 8 hours A Message from President Donald J. Trump - 5 minutes from The White House directly
  • 11 hours An exciting development in EV Aviation: Volocopter
  • 4 mins GENERAL NORMAN SCHWARZKOPF: The Third Tour
  • 12 hours JACK MA versus Xi Jinping
  • 1 day Did I Miss Something?
  • 1 day Investments worthy in versatile and clean natural gas
The Real Reason Why Solar Stocks Are Selling Off

The Real Reason Why Solar Stocks Are Selling Off

Leading solar names have been…

$10 Billion Yearly Investment Needed in Nigeria’s National Grid

Nigerian Electricity Regulatory Commission Chairman Sam Amadi stated during an interview that in order to stabilize and improve the nation’s power grid, Abuja will need to make an annual investment of roughly $10 billion into the power sector in the next decade.

Due to years of neglect and lack of investment in the power sector virtually all the country’s power plants are deficient in capacity and dilapidated, with many requiring complete overhaul, The Daily Independent reported.
 
Amadi remarked, "The challenge is that, can Nigeria get from 4,000 to 40,000 megawatts by 2020? It is doable, but that depends on overcoming so many constraints. It also means that the government is not in the best position to make the huge investment. We have been told by some accounts that you need about $10 billion per annum to get the required capacity. The government alone cannot make that kind of investment, so it means the private sector has to come in and the independent power producers are going to look at the tariffs and say if I make these billions of investment will I recover my cost?"
 
Amadi lamented that the country's per capita energy is very low, "probably the lowest in the world. Lower than they have in Ghana, lower than our neighbour we supply, Benin Republic."

By. Charles Kennedy, Deputy Editor OilPrice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News